ASIC has taken a hard stance against online scammers, shutting down over 10,000 fraudulent investment websites and advertisements.
The agency's latest update reveals the removal of 7,227 fake investment platform scams, 1,564 phishing scam links, and 1,257 cryptocurrency investment scams.
Additionally, ASIC has initiated court action against HSBC Australia, accusing them of inadequate customer protection against scams, highlighting the need for better anti-scam practices among banks.
Deputy Chair Sarah Court emphasised ASIC's commitment to shutting down an average of 130 investment scam websites each week since 2023.
She pointed out the sophisticated technology used by scammers to deceive Australians and assured that ASIC is dedicated to protecting consumers by removing scams before they reach potential victims.
The agency also holds financial institutions accountable for their scam detection and response efforts.
In the last six months of 2024, ASIC ramped up its enforcement actions with a 31% increase in new investigations, totaling 109.
They commenced 15 new court actions, completed 376 surveillances, and secured $46.6 million in civil penalties along with 13 criminal convictions.
ASIC's Chair, Joe Longo, highlighted the positive impact of the agency's organisational redesign and executive team refresh, leading to more efficient intelligence processing and earlier investigations.
ASIC's 2025 enforcement priorities aim to address increased cost-of-living pressures and prevent financial harm.
Key cases include actions against NAB, QBE Insurance, and Cbus trustee United Super for various failings, as well as legal proceedings against Regional Express Holdings Limited for alleged misleading conduct.
ASIC's focus on landmark cases and compliance actions underscores their dedication to protecting consumers and investors in the year ahead.
Related content
- REPORT 804 ASIC enforcement and regulatory update: July to December 2024
- ASIC’s 2025 enforcement priorities
- Summary of enforcement outcomes
- Regulatory developments timetable
